Interim Report – January to September

Revenue for the the first nine months of 2009 was SEK 19.0 (19.8) million

Net loss for the period amounted to SEK –19.0 (-74.9) million

Earnings per share was SEK –0.42 (-2.50)

Cash flow from current operations was SEK –31.4 (-58.9) million

SEK 36.4m raised in additional financing of which 20.2m in cash

Key Corporate Highlights

A collaboration agreement has been signed with Biovitrum AB with the aim of developing new targeted therapeutics for inflammation and autoimmune diseases. This is in line with Affibody’s new strategy, aiming to generate profitable corporate partnerships across the life science sector based on its unique proprietary technology platforms: Affibody® molecules and AlbumodTM and designed to allow Affibody to reach its key corporate objective of sustainable profitability in the next two years.

During the period, Affibody obtained the third and final approval required to commence a Phase I study in Germany with its lead molecular imaging agent, ABY-025, which is based on a highly specific Affibody® molecule that binds the breast cancer marker HER2.

Affibody’s proprietary albumin binding technology, AlbumodTM, has gained interest from several companies searching for a relevant drug development technology.

Half-life extension of ten times has been demonstrated in vivo by applying the AlbumodTM platform to G-CSF (more information can be found at https://www.affibody.se/en/Product-Portfolio/The_Albumin_Binding_Technology/Results/).

David Bejker CEO, said: “Affibody has during the first nine months of 2009 continued to deliver on the plan that was launched late last year. The first results from our internal AlbumodTM project have been generated according to plan and we expect to continue to generate interesting results from this program.”

Affibody is a Swedish biotech company focused on developing next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.

Affibody is developing a portfolio of innovative drug projects and, in addition, offers the half-life extension technology, Albumod™, for outlicensing.

Affibody was founded in 1998 by researchers from the Royal Institute of Technology and the Karolinska Institute and is based in Stockholm, Sweden. Major shareholders in the Company include HealthCap and Investor Growth Capital.